Tuesday, February 09, 2010
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"Spend Management"
Aluminium giant targets procurement
The world's largest aluminium producer Alcoa is targeting a reduction in procurement spend of $2bn by 2010 and improve its working capital position by $800m in 2009.
The announcement of the operational and financial actions were made to "significantly improve" the company's cost structure and liquidity. Together, the company said, the operational actions will reduce costs by more than $2.4bn annually and reduce capital expenditure by an extra $1bn in 2010.
"Today's actions better prepare Alcoa to manage through a prolonged downturn and position the company for the future," said Klaus Kleinfeld, president and CEO of Alcoa. "We believe that we now have in place the strategic and operational fundamentals that will enable Alcoa to emerge even stronger when the economy recovers."
As previously announced, Alcoa is also divesting its interest in the Shining Prospect special purpose vehicle, that held shares in mining company Rio Tinto.
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